CAIRO: Sudan has increased fuel prices for the first time since subsidies were removed, energy minister Jadein Ali Obeid said on Thursday.
The price of gasoline went up to 320 Sudanese pounds ($0.7094) per liter from 290 pounds, while the price of diesel went up to 305 pounds per liter from 285, according to a Reuters witness.
“This slight increase in prices came after the monthly assessment of the prices of gasoline and diesel, which was carried out based on international prices,” the minister told Reuters.
Sudan fully liberalized gasoline and diesel prices in June, in line with IMF-monitored reforms, leading to an immediate nearly doubling in prices.
As a result of reforms, Sudan was cleared to seek debt relief on $56 billion in external debt earlier this week.
“If the world price drops next month, prices will be reduced. This is a policy that is applied in most of the countries in the world,” the minister added.
Sudan increases fuel prices after subsidies removed
https://arab.news/r39tq
Sudan increases fuel prices after subsidies removed
- Price of gasoline rose 5.2 percent to $0.7094 per liter
New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries
RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued today.
The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.
It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.
The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.
They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.
The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.
It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.
Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.
This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.
